We believe there should be an efficient alternative to existing payment and banking systems. Our blockchain-based payments system aims to lower financial inclusion barriers and provide financial services to the banked and unbanked. Our vision is to build the payments and banking infrastructure for the future on a robust AI driven blockchain infrastructure which can make the legacy system obsolete, thus creating value for the world. Cashaa is based on 4 foundational principles:
- Powering financial products for the Banked and Unbanked : Cashaa’s digital and transparent services are not only attractive for the banked population, but they can also deliver financial inclusion solutions to the 2.5 billion unbanked and 1 billion underbanked globally, thereby creating a unique cross-border platform which can serve the entire population.
- Facilitating low-cost Currency Exchanges : Send money across borders quickly, for a small flat fee-a fraction of the current costs, which today on average are 7 %16. Our industry-leading technology platform powered by our traders network can protect your money and offer best foreign exchange (FX)17 rates every time you utilize Cashaa.
- Enabling Investments in the Global Economy: Cashaa products can enable its users to access the global economy in a decentralised manner. They can facilitate the transfer of value across borders allowing greater portfolio diversification with higher yields18.
- Dedicated to the Community with an Open API: Create the next generation DApp to solve the world’s biggest financial challenges. Our developer SDK and Open API with integrated biometric and artificial intelligence services will accelerate the growth of digital innovation.
As a product-driven company our focus is to solve the problems using disruptive technologies to create products and services for simple and easy use. At Cashaa we work to build the next generation of consumer-centric payments and banking products on target to be the most cost-effective and innovative available on the market.
Future Roadmap and Business Growth Model
Cashaa Tokens and Token Generation Event
A Token generation event (TGE) will be conducted i.e. an event in which early adopters and enthusiasts make contributions to a Smart Contract System for the development of the Cashaa project30.
Cashaa’s token generation event is one of the few backed by a unique proven platform with a team that has more than 200 Years of Payments and Banking experience and successful entrepreneurs who built their companies from scratch which are now part of Fortune Top 15 companies . Cashaa’s model has been established with beta testing performed since February 2017. The beta test completed with 12,770 registered users from 141 countries.
The distribution of CAS tokens in connection with a Token generation event (the “Cashaa Token
generation event”) to you as a user thereof, will be subject to and governed by T&Cs — which is a separate document setting out the terms and conditions of the agreement as between the distributor and you in relation to the Cashaa Token generation event . In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall prevail. The Distributor will be an affiliate of Cashaa, and all funds raised in connection with the Cashaa Token generation event will be deployed to fund Cashaa cryptocurrency project, businesses and operations.
Unless the context requires otherwise, references to “we” or “us” in connection with the Cashaa Token generation event shall be construed as references to the Distributor.
The Cashaa Token generation event is hereby announced to start on:
November 6 2017, 1 PM London Time 9 PM Singapore Time (UTC+8)/ 2PM Munich Time and 8AM New York Time and is scheduled till the end on 5 December. Token Functionality The CAS token is a key component of the system that enables trading, lending and gives access to other upcoming services in the CAS ecosystem. CAS serves two main objectives: First, the token is the fuel of an internal mechanism of the Cashaa ecosystem. Second, it is part of the governance component of the CAS system. Each Cashaa wallet is initially equipped with a predefined amount of CAS and cannot be used without a minimum CAS balance.
10.1.1 Benefits of CAS token
- Acquiring premium services in the Cashaa ecosystem (Membership)
- Ability to trade cryptocurrencies anywhere in world (Trading)
- Lower transaction fees for the $ 600 Billion remittance industry (Remittance)
- Providing the credit score for lenders (Micro Finance)
- Ability to participate in governing mechanism of CAS usage (Governance)
- Secure P2P money transfers (Escrow) 10.1.2 Acquiring tokens
- Token distribution
- Secondary markets
- Rewards collection
10.1.3 Spending tokens
Proof of CAS ownership will be required to access Cashaa premium services for:
- Higher FX transfer (Spend, transfer and exchange an unlimited amount of money anywhere in the world at the interbank exchange rate without fees.)
- 2X ATM allowance (Double your free monthly ATM allowance with free Cashaa premium withdrawal of €400 per month)
- Free transfer (Free, fast money transfers in available currencies to banks globally with the real exchange rate)
- Express delivery (Card will be delivered using express shipping method for faster delivery of the new cards or replacement cards)
- Free overseas medical insurance (Get the best medical treatment while abroad with expenses paid into your Cashaa account in case of any mishappening, provided by third party partner insurance company)
- Free 24/7 customer support
- Early adopter rewards and beta access
Microfinance & Credit Score
CAS token holders will be able to access instant loans at low interest rates compared to non token holders, and will also be able to give loans. For the borrower, CAS ownership leads to improved loan conditions, rewarding users for taking a larger stake in the Cashaa system. CAS tokens can be both earned or bought, respectively improving the owner`s creditworthiness.
For each loan paid back in time and fulfilling any specific conditions, borrowers are rewarded with CAS, the accumulation of which improves the credit score of low credit rated individuals and small businesses anywhere in the world.
Another way to receive improved lending conditions is via other users vouching with their own CAS tokens. In this case, following a fulfilment of all repayment criteria, both the borrower and the voucher are rewarded with CAS tokens.
Finally, in addition to receiving paid interest rates, lenders can earn CAS tokens by providing loans as a reward for their risk. To facilitate lenders’ decision making, each user`s credit score will be available online.
In case any of the involved entities fails to fulfill their duties of the lending agreement, the provided CAS tokens are confiscated by the smart contract. Furthermore, users can sell or donate their CAS tokens to other users directly, thereby improving the receiver`s credit score and losing their own.
Only traders with enough CAS can participate in the trading network and are entitled to create smart contracts for trading. In the existing Cashaa system when a money sender puts their request to transfer money, a seller and buyer compete for the local fiat in exchange of cryptocurrencies.
For example, a money sender puts a request on our platform to transfer £1000 from London to New Delhi. Based on the FX and proprietary algorithm Cashaa calculates the best possible rates and gives the users
e.g. INR 84,000. Cashaa immediately splits the lead into two parts where all crypto traders in London get notified and see on the platform that they have an option to receive £1000 for X BTC. In the same way, buyers will see their option to buy Y BTC by paying INR 84,000. To accept the deal the seller has to put 100% of X BTC into a uniquely created escrow wallet, while the buyer has to put 10% of Y BTC into the escrow. The system generates two passcodes which are used by the money sender and seller in London & buyer and receiver in New Delhi to verify themselves respectively. In section 3 we presented the case how this system helps to create a win win situation for both parties.
Replacing the buyer escrow with CAS will allow multi cryptocurrency exchanges by removing the dependency on the crypto which the traders respectively decided to trade. Traders will be allowed to execute the smart contract which will hold the required CAS. As this mechanism will allow traders to buy and sell any cryptocurrency, it will boost the supply of cryptocurrencies in the countries where exchanges currently do not support them, and balance it with countries where they are in surplus. Balancing the entire ecosystem in this way can bring a systematic growth of cryptocurrency across the globe, e.g. Cashaa traders in India will be able to buy LTC, NEO, BAT etc in INR.
Token Sale and Distribution Roadmap
- All bonuses will be locked until 5th March 2018.
- Participants will acquire CAS tokens by sending accepted cryptocurrencies as per instructions given on our website (https://www.cashaa.com ) at the start of the token sale
Cashaa Limited affiliates will issue a one-time total of 1 Billion CAS, which is distributed into three categories, using an Ethereum based smart contract.
Token Availability & Vesting Period
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